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back-to-back escrowArrangements that an owner makes to oversee the sale of one
property and the purchase of another at the same time.

backerboardA rigid
board used beneath tile.

backfillSoil used to
solidify the foundation of a structure.

B

backsplashThe
area behind and above a countertop, typically covered to prevent water from
splashing onto the wallboard.

backup offerA
secondary bid for a property that the seller will accept if the first offer
fails.

backwater valveA
valve in a sewer line that prevents sewage from flowing back into a
house.

baffleA device used
as a heat shield to deflect the byproducts of combustion.

balance sheetA
statement that shows the assets, liabilities, and net worth of an
individual.

ball cockOne type of
inlet valve assembly inside a toilet tank that, when opened automatically, fills
the tank with water.

B

ballcock assemblyThe toilet tank mechanism that controls flushing.

balloon loanA
mortgage in which monthly installments are not large enough to repay the loan by
the end of the term. As a result, the final payment due is the lump sum of the
remaining principal.

balloon paymentThe
final lump-sum payment due at the end of a balloon mortgage.

balloon-frame constructionA type of framing used in two-story homes in which studs extend
from the ground to the ceiling of the second floor.

balusterIntermediate
vertical support for a stair railing, often made from turned
hardwood.

balustradeRailing
held up by a set of posts on a porch or stairway.

B

bankruptcyA
proceeding in which an insolvent debtor can obtain relief from payment of
certain obligations. Bankruptcies remain on a credit record for seven to 10
years and can severely limit a person's ability to borrow.

bargain saleThe sale
of a piece of property for less than market value.

base loan amountThe
amount upon which loan payments are based. If the borrower finances his or her
closing costs, those costs will be added to the base loan
amount.

baseboardAny board
or molding found at the bottom of an interior wall.

baseboard electric heatHeating units installed in the floor that can be controlled by a
central thermostat.

basementThe area of
a home below ground level.

B

basis pointA
basis point is one one-hundredth of one percentage point. For example, the
difference between a loan at 8.25 percent and a mortgage at 8.37 percent is 12
basis points.

battenA narrow piece
of material used on the outside of a house to cover joints in
walls.

bayThe opening
between two columns or walls that forms a space.

bay windowA window
that projects outward in a curve.

bearing wallA wall
that supports its own weight in addition to other parts of a
structure.

before-tax incomeTotal income before taxes are deducted.

B

beneficiaryThe
lender who makes a loan, also called a mortgagee. The person borrowing money is
the mortgagor.

bequestPersonal
property given to a person through a will.

bermA built-up lip
of concrete designed to prevent runoff water from entering the garage or
driveway.

bettermentAn
improvement that increases a property's value as opposed to repairs that
maintain the value.

bettermentAn
improvement that increases the property's value.

bi-levelA home that
has two levels. Typically, a garage or storage area is situated in the lower
level and the home in the upper section. Most bi-level structures were built
after 1950.

B

bi-metal coilPart of a mechanical thermostat. Consists of two different types of
metal that expand and contract at two different rates with changes in room
temperature.

bid outThe process
that contractors use to estimate the cost of a house or project before it is
completed.

bidding warOffers
from multiple buyers for a piece of property. Agents also sometimes compete to
list a house for sale.

bilateral contractA
contract in which the parties involved give mutual promises. Also called a
reciprocal contract.

bill of saleA
document that transfers ownership of personal property.

binderA report
issued by a title insurance company that details the condition of a home's title
and provides guidelines for a title insurance policy.

B

binderA
preliminary agreement between buyer and seller.

biweekly mortgageA
mortgage that requires payments every two weeks and helps repay the loan over a
shorter term.

blanket insurance policyA policy that covers more than one person or piece of
property.

blanket mortgageA
mortgage that covers more than one property owned by the same
borrower.

blighted areaA
neighborhood that has deteriorated.

blind nailingNails
driven into a wall and concealed with putty.

B

blockbustingThe
illegal practice of inducing homeowners to sell their properties by making
representations regarding the entry of a particular race into the
neighborhood.

blue-ribbon conditionA house maintained close to its original condition. Also called
mint condition.

blue-sky lawsRegulations on the sale of securities to prevent consumers from
investing in fraudulent or high-risk companies without being informed of the
risks.

boilerplateForm
language used in deeds, mortgages, and other documents. Details can be added by
individual parties.

bona fideA legal
term that refers to actions or persons that are honest and in good
faith.

bondAn agreement
that insures one party against loss by acts or defaults of another
party.

bonus roomA room
with no specifically designated function, unlike a living room, bedroom, or
kitchen.

B

book valueThe
value of a property as a capital asset based on its cost plus any additions,
minus depreciation.

bootA piece of sheet
metal that connects a heating or cooling duct and a vent.

boring testAn
analysis of soil in which holes are bored into the ground and samples are
removed.

boroughA section of
a city that has authority over local matters.

borrowSand, gravel,
or other material used for grading.

borrow pitThe hole
at a site that has been excavated.

B

boulevardA
street lined with trees or constructed with a landscaped
median.

boundaryThe dividing
line between two adjacent properties.

braced framingA
construction method in two-story homes in which the frame is reinforced with
posts and braces.

bracingThe technique
used to reinforce a structure.

branch circuitAn
electrical circuit with its own circuit breaker in the service
panel.

breach of contractThe failure to perform provisions of a contract without a legal
excuse.

B

breach of covenantThe failure to obey a legal agreement.

breach of warrantyA
seller's inability to pass clear title to a buyer.

break-even pointThe
point in which the owner's rental income matches expenses and
debt.

breezewayA roofed
passageway with open sides.

brickBuilding
material made from clay molded into oblong blocks and fired in a
kiln.

brick veneerA brick
facade on a wall or fireplace.

B

bridge loanA
short-term loan for borrowers who need more time to find permanent
financing.

brokerAnyone who
acts as a go-between. A real estate broker is licensed to handle property
transactions and operate a brokerage firm. A mortgage broker is an individual or
firm that matches borrowers to lenders and loan programs for a
fee.

brokerageThe act of
bringing together two or more parties in exchange for a fee or commission. Real
estate brokerages are firms or companies that are licensed to conduct real
estate transactions.

broom cleanThe ideal
condition of a building when it is turned over to an owner or
tenant.

brownstoneA vintage
row house constructed of red sandstone.

buffer stripA parcel
of land that separates two or more properties.

B

buildabilityThe
feasibility of constructing a home or other structure on a piece of land.
Parcels for which a building permit cannot be obtained may be considered
"unbuildable."

builder upgradesExtra features or better finishing materials offered by a
builder.

building and loan associationAn organization that raises money to helps its members purchase
real estate or construct a building.

building codeA
comprehensive set of laws that controls the construction or remodeling of a home
or other structure.

building inspectorA
city or county employee who enforces the building code and ensures that work is
correctly performed.

building line or setbackGuidelines that limit how close an owner can build to the street or
an adjacent property.

B

building moratoriumA halt on home construction to slow the rate of
development.

building paperA
thick, water-resistant paper that serves as insulation.

building permitA
permit issued by a local government agency that allows the construction or
renovation of a house.

building restrictionsRegulations that limit the manner in which property can be
used.

built-insAppliances
or other items that are framed into a home or permanently
attached.

bulkheadA retaining
wall designed to hold back water from the ocean or other body of
water.

B

bundle of rightsThe various interests or rights an owner has in a
property.

bungalowA small
one-story house or cottage.

buttThe way in which
two boards meet so that the ends touch in a continuous line.

butterfly roofA roof
formed by two gables that dip in the middle to resemble a butterfly's
wings.

buydown mortgageA
home loan in which the lender receives a premium as an inducement to reduce the
interest rate during the early years of the mortgage.

buyer's agentAn
agent representing a buyer in a home purchase, either as a single agent or as an
exclusive buyer's broker.

B

buyer's brokerA
real estate broker who exclusively represents the buyer's interests in a
transaction and whose commission is paid either by the buyer or through the
seller or listing broker at closing.

buyer's marketA slow
real estate market in which buyers have the advantage.

buyer's remorseAn
emotion felt by first-time homebuyers after signing a sales contract or closing
the purchase of a house.

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Sotheby’s International Realty, Inc.